SAPH vs. TCV

Last updated Jul 30, 2026

SAPH (ADRhedged SAP ETF) and TCV (Towle Value ETF) are both exchange-traded funds - SAPH is a Actively Managed fund actively managed by ADRhedged, while TCV is a Small Cap Value Equities fund actively managed by Towle. Both are actively managed. Over the past year, SAPH returned -32.30% vs 33.14% for TCV. Their 0.04 correlation means their historical movements had little consistent relationship. SAPH charges 0.19%/yr vs 0.85%/yr for TCV.

Performance

SAPH vs. TCV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ADRhedged SAP ETF (SAPH) and Towle Value ETF (TCV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAPH achieves a -19.27% return, which is significantly lower than TCV's 27.04% return.

SAPH

• 1D: 3.32%
• 1M: 19.22%
• 6M: -15.81%
• YTD: -19.27%
• 1Y: -32.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -20.71%

TCV

• 1D: -1.38%
• 1M: 1.82%
• 6M: 15.50%
• YTD: 27.04%
• 1Y: 33.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 29.74%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
SAPH ADRhedged SAP ETF	$30.61K	$28.06K	$22.54K
TCV Towle Value ETF	$910.76K	$643.64K	$380.38K

SAPH vs. TCV - Yearly Performance Comparison

	2026 (YTD)	2025
SAPH ADRhedged SAP ETF	-19.27%	-20.71%
TCV Towle Value ETF	27.04%	2.99%

Correlation

The correlation between SAPH and TCV is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.06
Correlation (All Time) Calculated using the full available price history since Jul 17, 2025	0.04

Return for Risk

SAPH vs. TCV — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SAPH

SAPH Risk / Return Rank: 3
SAPH Sharpe Ratio Rank: 2
SAPH Sortino Ratio Rank: 3
SAPH Omega Ratio Rank: 2
SAPH Calmar Ratio Rank: 4
SAPH Martin Ratio Rank: 4

TCV

TCV Risk / Return Rank: 74
TCV Sharpe Ratio Rank: 74
TCV Sortino Ratio Rank: 73
TCV Omega Ratio Rank: 68
TCV Calmar Ratio Rank: 79
TCV Martin Ratio Rank: 74

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SAPH vs. TCV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ADRhedged SAP ETF (SAPH) and Towle Value ETF (TCV). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SAPH	TCV	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	1.61	-2.48
Sortino ratio: Return per unit of downside risk	-1.15	2.29	-3.44
Omega ratio: Gain probability vs. loss probability	0.85	1.27	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.69	2.74	-3.43
Martin ratio: Return relative to average drawdown	-1.11	8.79	-9.90

SAPH vs. TCV - Sharpe Ratio Comparison

The current SAPH Sharpe Ratio is -0.87, which is lower than the TCV Sharpe Ratio of 1.61. The chart below compares the historical Sharpe Ratios of SAPH and TCV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SAPH vs. TCV - Drawdown Comparison

The maximum SAPH drawdown since its inception was -51.72%, which is greater than TCV's maximum drawdown of -12.23%. Use the drawdown chart below to compare losses from any high point for SAPH and TCV.

Drawdown Indicators

	SAPH	TCV	Difference
Max Drawdown Largest peak-to-trough decline	-51.72%	-12.23%	-39.49%
Max Drawdown (1Y) Largest decline over 1 year	-47.17%	-12.13%	-35.04%
Current Drawdown Current decline from peak	-39.47%	-2.57%	-36.90%
Average Drawdown Average peak-to-trough decline	-23.11%	-3.23%	-19.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.05%	3.90%	+25.15%

Volatility

SAPH vs. TCV - Volatility Comparison

ADRhedged SAP ETF (SAPH) has a higher volatility of 15.24% compared to Towle Value ETF (TCV) at 4.69%. This indicates that SAPH's price experiences larger fluctuations and is considered to be riskier than TCV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAPH	TCV	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.24%	4.69%	+10.55%
Volatility (6M) Calculated over the trailing 6-month period	33.67%	13.66%	+20.01%
Volatility (1Y) Calculated over the trailing 1-year period	37.36%	20.70%	+16.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.48%	21.07%	+14.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.48%	21.07%	+14.41%

SAPH vs. TCV - Expense Ratio Comparison

SAPH has a 0.19% expense ratio, which is lower than TCV's 0.85% expense ratio.

Dividends

SAPH vs. TCV - Dividend Comparison

SAPH's dividend yield for the trailing twelve months is around 3.46%, more than TCV's 0.57% yield.

Position	TTM	2025
SAPH ADRhedged SAP ETF	3.46%	0.00%
TCV Towle Value ETF	0.57%	0.31%

Frequently Asked Questions

Can I hold both SAPH and TCV in my portfolio?

SAPH and TCV have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAPH or TCV?

SAPH has higher volatility (15.24%) compared to TCV (4.69%). In terms of maximum drawdown, SAPH dropped -51.72% vs TCV's -12.23%.

Which ETF is better, SAPH or TCV?

On 1-year performance, TCV leads with 33.14% vs -32.30% for SAPH. On fees, SAPH is cheaper at 0.19% per year. On volatility, TCV has been the lower-risk option at 4.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SAPH or TCV?

Over the 1-year period, TCV has performed better with a 33.14% return vs -32.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SAPH or TCV?

SAPH is cheaper with a 0.19% expense ratio, compared with 0.85% for TCV.

Which ETF pays a higher dividend yield, SAPH or TCV?

SAPH has the higher dividend yield at 3.46%, compared with 0.57% for TCV.

What is the main difference between SAPH and TCV?

SAPH is categorized as Actively Managed, while TCV is Small Cap Value Equities. They also come from different issuers: ADRhedged and Towle. Their fees differ too: 0.19% for SAPH and 0.85% for TCV.

Which has better risk-adjusted returns?

TCV currently has the higher Sharpe Ratio (1.61 vs -0.87), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.